FXStreet reports that economists at Westpac said that the 104.00/106.50 range looks set to continue for some time to come. 

“We have long argued that as we moved through September into October that risk sentiment would take a hit as a widening political chasm in the US all but ruled out fiscal support for the ailing household and markets started to price in more disruption through the US election and beyond. However, for the moment, the market seems happy to be using USD/JPY to express US$ directional views rather than risk-on/ risk-off.” 

“As we approach the end of the month and as the election looms front and centre, we expect to see a stronger yen coming through.”